A man with a laptop using a credit card to shop online

Payment Processing Companies: How to Choose One

Follow these seven tips to choose the best payment processing company for your business:

Table of Contents

  1. Avoid Onerous Onboarding Processes
  2. Make Sure They Can Serve You
  3. Analyze Platform Security
  4. Seek Several Payment Options
  5. Get Quick Settlement
  6. Assess Customer Support
  7. Keep Your Costs Down

When was the last time you paid for something with cash or a paper check? You probably don’t remember. Many people don’t either. While digital payments were on the rise pre-COVID, they have become the most popular way to pay for goods and services post-pandemic. Processing electronic payments are necessary to run a viable business in today’s digital world.

To accept online payments from customers, you need a payment processing company. A payment processing solution like SeamlessChex is a third-party company that facilitates electronic transactions from a customer’s account to a merchant’s account. Payment processing impacts customer experience and business profitability, so it’s crucial to choose the right company.

From a sea of payment processing platforms on the market, how can you pick the best one for your business needs? Use the tips below to find the right payment provider:

1. Avoid Onerous Onboarding Processes

 

A young man looking at and going over documents

From long, complicated online applications to exhaustive credit checks and frustrating documentation requirements, many payment processing company have onerous onboarding processes. These tedious practices waste time and delay access to essential business services, making inefficient signup processes a costly affair for merchants.

To avoid frustration and long wait times, look for a payment provider that offers a hassle-free onboarding process. Some processors like SeamlessChex provide instant signups and approvals, giving you immediate access to the online payment system. With no contracts, credit checks, and lengthy underwriting requirements, SeamlessChex allows you to process online transactions within one day of signing up.

2. Make Sure They Can Serve You

 

A black dropper bottle of CBD oil placed on a potted plant

All business is fraught with risk. But some industries are exposed to more risk than others. Regulations, chargebacks, and reputation are some factors used to measure industry risk. If you’re categorized as a high-risk business, most banks and payment processing company will refuse to provide you with credit card and merchant services.

On your search for the right payment processing platform, ask the company if they have experience serving your industry. This is an important criterion to make sure of as it determines business success. A processor that has experience in both low- and high-risk industries can help all merchants process popular card payments, boosting their sales opportunities.

3. Analyze Platform Security

A hand mouse cursor pointing at a black screen displaying “Security”

As a merchant, safeguarding your system against data breaches and payment fraud should be your number one priority. A secure payment network not only increases consumer trust in your business but also decreases the risk of financial loss. Investing in a safe and reliable payment processing company is crucial to protect your reputation and profit margins.

How can you determine which processor offers the most reliable payment solution? To choose the safest platform, look for a company that employs not one but multiple layers of security. SeamlessChex complies with the latest PCI Data Security Standards, provides a secure hosted payment page, verifies bank account ownership, and uses signature capture technology to prevent data theft and fraudulent transactions.

4. Seek Several Payment Options

A man shopping online on his laptop using cash and credit card

Online payments have become synonymous with credit card transactions. While a popular electronic payment method, almost 30% of Americans still don’t have a credit card. Offering several electronic payment options allows you to serve consumers that don’t have or are afraid to use their credit cards online, helping you increase your customer base.

When searching for a payment processing company, find out how many transaction methods they can provide on your checkout page. Along with transacting credit cards, the SeamlessChex payment processing platform also offers ACH and eCheck solutions to reduce barriers to purchase. Accepting different types of payments not only increases revenue generation but can also decrease overhead costs by enabling more lower-fee transactions.

5. Get Quick Settlement

A person holding 100 US dollar banknotes with both hands

Payment processors have different finality of payment rules. While some release funds within days, others can keep you waiting for weeks to access your money. Long waits for payment settlement can negatively impact business operations. With 82% of small businesses experiencing cash flow issues, late payments can make it difficult to meet your financial obligations.

To improve your company’s finances, choose a payment processing company that gives you access to your funds as quickly as possible. As you investigate each company, ask them about their payment settlement durations. The best processors ⏤ including SeamlessChex ⏤ will release your money within days to help you avoid cash flow problems that lead to business failure.

6. Assess Customer Support

A tech support worker wearing a black headset and smiling

Payment processing platforms can be challenging to run if you don’t have sufficient technical know-how or round-the-clock support. A simple configuration change or routine software update can cause payment disruptions and service outages. Business downtime is costly for merchants. Small businesses can lose $137 to $427 per minute during downtime.

If you want to minimize business disruption, look for a payment processing company that offers comprehensive customer support. From basic self-help manuals to advanced technical assistance, you should have access to all levels of IT support to resolve issues quickly. Partner with a payment platform that offers 24/7 technical assistance via phone, email, and live chat to operate a smooth-running business.

7. Keep Your Costs Down

A budding plant growing out of a glass jar of coins

The speed and convenience of accepting electronic payments come with a price. Payment platform set-up costs, monthly maintenance charges, and per-transaction processing fees can eat up a sizable portion of your revenues. Many payment processing platforms can charge you up to 4% of the total transaction value for accepting credit card payments.

Keeping processing costs as low as possible will help you save a lot of money. To increase business profits, work with a payment processing company that offers budget-friendly rates. Leveraging our close relationships with over 25 banks, SeamlessChex charges merchants only 2.75% for credit cards, 1% for electronic checks, and 0.75% for ACH payments.

Choose the SeamlessChex Payment Platform

As we head towards a cashless economy, electronic payments will play a key role in determining business success. Use the tips in this post for selecting the best payment processing company to future-proof your business. Choose SeamlessChex as your payment provider to take your business to the next level.

Right payment solution for you infographic

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